Eli Lilly and Co. plans to invest about $440 million in a new pharmaceutical plant at an existing company site in southern Ireland, Ireland’s inward investment promotional authority said Monday morning.

The new facility in Kinsale in County Cork will require as many as 200 skilled employees when fully operational, according to a statement on IDA Ireland’s website.

Indianapolis-based Lilly will begin construction on the 240,000-square-foot manufacturing facility next month and plans to have the facility operational by late 2013, according to the Belfast Telegraph.

The project will create about 300 temporary construction jobs.

Lilly already employs about 700 people at four sites in Ireland. Its first plant in the country opened in 1981.

The company opened the Kinsale campus in 2010 after announcing it would spend about $360 million on the project.

The existing Kinsale facility manufactures active ingredients in treatments for cancer and diabetes. Products are shipped from the location to finishing plants around the world, where they are converted into tablets, capsules or injectible drugs.

Lilly employs about 38,000 people worldwide and had revenue of $24.3 billion in 2011. Its stock was up 2 cents Monday morning, to $39.07 per share.